Adani Group to buy 29.18% stake in NDTV, the company will bring an open offer

Adani Group's media company announced on Tuesday that it will buy 29.18 percent stake in New Delhi Television Limited ie NDTV. It has also been said that Adani Group companies have made an open offer to acquire 26 percent stake in NDTV. The Adani Group has said that an open offer will be made to buy a separate 26% stake.

Adani Group to purchase 29.18% stake in media group NDTV. pic.twitter.com/b5wZOiw6xh — ANI (@ANI) August 23, 2022

Adani Group to purchase 29.18% stake in media group NDTV. pic.twitter.com/XMUUc4gUzK — ANI (@ANI) August 23, 2022

The Adani Group said the acquisition of 29.18 percent stake would be indirect, as it would be done through Vishwapradhan Commercial Private Limited (VCPL), a subsidiary owned by AMG Media Network Limited (AMNL). This company is owned by Adani Enterprises Limited (AEL).

How much will be the price of a share

According to news agency PTI, three firms, Vishwapradhan Commercial Private Limited, in association with AMG Media Networks and Adani Enterprises Limited have made an offer to acquire 1,67,62,530 paid up equity shares of NDTV from a public shareholder at a price of Rs 294. , whose face value is Rs.

The announcement was made by JM Financial Limited, which is managing the offer on behalf of the Adani Group. It is stated in the offer that the offer price has been offered in excess of the prices prescribed in SEBI Regulation 8(2). On Tuesday, the shares of NDTV stood at Rs 366.20 on the BSE, which is 2.61% higher than the previous trading day. The company's income was Rs 230.91 crore in the financial year 2021-22.

What was the condition of the company this year?

VCPL, along with AMNL and AEL, will initiate an open offer to acquire up to 26 percent stake in NDTV, in compliance with the requirements of SEBI (Substantial Acquisition of Shares and Acquisitions) Regulations, 2011, a press release said.

AMNL CEO Sanjay Puglia said that this acquisition will be a "significant milestone in the company's goal of "paving the way for new age media across all platforms". NDTV runs three national news channels which include NDTV 24×7, NDTV India and NDTV Profit. This company also has an important place in the field of online media. In the financial year 2022, the company had earned Rs 421 crore, with a share of 123 crore EBITDA and a net profit of Rs 85 crore.

What did the Adani Group say?

With this, it has made an open offer of Rs 493 crore to acquire an additional 26 percent stake in NDTV, the Adani Group said in a statement on Tuesday. This is a big step for the Adani Group in the media sector. Mukesh Ambani has a significant stake in this sector through the broadcasting company Network18. Network18 operates several news channels including CNN-News18 and CNBC-TV18.

Last year, Adani Media Ventures Limited (AMVL) had acquired digital news platform Quintillion Business Media Private Limited (QBM), led by Adani Enterprises Limited (AEL), a group arm.